5 Things Most People Don’t Consider When Starting Their First Business

Published on: 12 December 2018 Last Updated on: 14 December 2021

Today, more people than ever are starting their own first business, but not all of them are successful. In fact, only one in ten startups will survive their first year of trading and go on to turn over a profit. If you’re thinking of starting your own company, it’s important to be prepared for all the obstacles and potential setbacks that you are likely going to face. If you want to make sure that your business is the one in ten that succeeds, it’s vital to be ready for the challenge. For many new business owners, overlooking some important aspects of starting a new company can quickly become their downfall. In order to help you avoid future issues, we’ve put together a handy list of common things people don’t consider when starting their own business.

1. Insurance To Look forward while Starting First business:

Starting your first business can be challenging if you do not have enough capital backup. You might assume that liability insurance is unimportant if your business doesn’t deal directly with members of the public. For example, if you’re planning to sell items online, you might not think that insurance is necessary since your customers won’t be visiting your shop in person. However, insurance may be needed depending on the type of products that you are selling, as it will help ensure that you are covered if anything goes wrong. No matter what you’re selling, general liability insurance is essential to protect your company from claims of bodily injury, associated medical costs, or damage to property.

2. SWOT Analysis and Business Plan:

You’re probably ready to get started with your business as quickly as possible but failing to put in the right amount of preparation and planning now can cause many issues for you down the line. Take the time to sit down and come up with a business plan that will help you make sure you are on the right track in the future. To be fully confident in your new venture, it’s essential to know that your business is going to work. Completing a strengths, weaknesses, opportunities, and threats (SWOT) analysis will help you position yourself strongly in the market and enable you to plan for the future.

3. Legal Considerations:

Before you begin trading, it’s important to make sure that you’re aware of all the legal implications and potential hurdles you could face as a business owner. As an entrepreneur, no matter what kind of business you’re thinking of starting, your line of work is likely going to be governed by a wide range of rules, regulations, and laws that you will need to adhere to. Whether it’s licensing for operation or professional standards that you must meet, you’ll need to be fully prepared for the legal implications of business ownership. It may be worth consulting with a business lawyer before you begin; they will be able to advise you on the best steps to take.

4. Establishing a Reputation:

Before you make the leap into starting your own business, it’s a wise idea to set yourself up for success by establishing a reputation for yourself and your brand in the industry. Networking is key to building a strong foundation for yourself and your business, making it easier for you to get your brand off the ground. Connect with industry experts, like-minded entrepreneurs, and potential leads both in-person and online. Use social media platforms such as LinkedIn to get in touch with people who could potentially help you build and expand your network, and don’t be afraid to get out there at trade shows, networking conferences, and other relevant business events.

5. Keep on Top of Admin:

Starting as you mean to go on is definitely one of the most important factors when it comes to business admin. Tasks such as bookkeeping, payroll, and inventory management can quickly become unmanageable if you don’t make sure to keep on top of them from the beginning. If possible, you may want to consider outsourcing these tasks – today you can find freelancers or entire companies that you can outsource the work to. This makes it much easier for you to manage since you can rest assured that the work is being handled by professionals with the know-how and experience necessary to support your business success. If outsourcing isn’t possible, there are many alternatives to consider. When it comes to accounting, you can find many free or inexpensive online tools to make the process much easier for you to manage. Take some time to research different software programs that you can use to make managing the admin side of your company easier from the start.

When it comes to starting your own first business, it’s important to make sure that you are fully prepared to propel your new brand to success. These are some of the main factors that people don’t think about when starting a new business; don’t fall into the same trap.

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Incredible Ways To Minimize Network Downtime For Business

It is safe to say that the Internet is the backbone of every business. It allows companies to access all the important tools that can streamline the entire workflow. Thus, all successful organizations need access to a steady internet connection so they can complete all the work efficiently without any delay. This is one of the reasons that being disconnected from it for a few minutes can pose major internet issues. The mere reason is that the major financial costs associated with network outages are massive. One major issue of downtime is data loss. The companies cannot afford to lose their time or clients because of poor internet connection, issues in the system, internet outages, and so on. Thus, do not take network downtime lightly, as it can turn into a serious issue that can cripple your organization’s entire workflow. One way to reduce network downtime is to have a blazing-fast internet connection, so all the employees can complete the work without any delay. So, whether you are a remote worker or a hybrid employee then we suggest you choose WOW! Internet. It offers a quality fiber-optic connection, which is exceptionally fast and does not slow down even if a plethora of devices are connected to it. It works during harsh weather conditions because the technology is buried underground. The provider even offers unlimited data with some of its plans. You can reach out to its customer support team for more information regarding its internet plans and prices. Give this blog a good read to know how you can minimize network downtime to prevent network downtime for your business. Run External and Internal Analysis If you feel that your workflow is experiencing frequent downtimes, then you should first analyze the root cause of the issue. For example, you should know whether the internet downtime is because of frequent internet outages, system failure, power failure, or so on. But please know that even if the organization is not currently facing any network downtime, you should still have a backup plan ready by making a list of all the possible causes that might affect the performance of your work. Yes, you read that right whether you have a small business or work for an organization. If it is possible for you then we suggest you can research it or ask a technician to guide you so you can purchase a good software to tackle this issue. Invest in Power Backup Solution Power outages are one of the common causes of network downtime, as they can disrupt the operation of network devices, such as routers, switches, servers, and computers. In addition, a power backup solution, such as an uninterruptible power supply (UPS) can provide backup power to your devices and Wi-Fi network devices in case of a power failure, and allow them to continue functioning until the power is restored. Moreover, a power backup solution can also protect the network devices from power fluctuations, which can damage or degrade their performance. Thus, if you have the budget then investing in a good power supply is indeed a viable solution. Use Quality Backup Servers If you are a remote employee then you must ask your organization for backup servers, where you can store the data safely. This tip can save the business from extensive data loss which can affect the business operations in the future. Thus, you can use good applications or software and perform regular backups to avoid losing sensitive data in times of downtime. The mere reason is that it takes a lot of time and effort for companies to gather precious data and it can lose all of it in a few seconds in times of network downtime. If you feel some backup servers are expensive then we suggest you use Google Drive as it is free and allows employees to easily save their files and folders. Get a Speedy Internet Connection Most of the time people choose the wrong speed tier or traditional internet connections to save money and then their work suffers at large. Yes, there are several types of internet connection but we suggest you choose fiber-optic internet connection as it is considered to be one of the fastest types of internet connection which works during all weather conditions. If it is possible for you we suggest you choose a redundant network connection. This means you have to deal with two or three different ISPs for the internet services. So, if one connection is not working, then you can simply switch to another. But for this, you need to ensure that you have a good budget. Use Advanced Equipment Please do not use cheaper equipment just to save a few bucks. Please know that your cable modem, router, computers, and all other devices should not be of mediocre quality or outdated. You should keep in mind that purchasing some low-quality items can help you save money initially, but in the longer run it can affect your business at large. In the End When it comes to business operations please know that temporary delays can hurt its productivity which can cost several millions of dollars. Fortunately, there are certain ways to prevent the common causes of internet downtime. We have listed some of the tips above but you should be careful and have a backup plan ready so you can avoid delays and network downtime in your business operations. Read Also: Linksys Vs Netgear: Quality Vs Features How To Find The Fastest Available Internet In Your Area? Pinterest Hack: Download Videos Effortlessly With Mod APK

5 key Leadership Skills for Entrepreneurs

Making the business grow is the dream of every entrepreneur and they always try the best methods to make their business grow in the right direction. Besides hiring the best and talented team for his business, it is very much important that he should have some skills that can be leadership skills, and today in this blog we will make you aware of all those skills. So, let’s check for the information which is beneficial for you if you are running a business. Must be supportive: Whether you are running a small scale business or the large one you should be supportive of your employees. By doing so, your team can boost their confidence level and this helps them in feeling motivated. You should make your employees learn from their mistakes. You should have a meeting with your employees and make them share their problems along with you for the better of the company and to make the company achieve success. Must have great communication skills: Having great communication is very much important in every field of life. Having great communication skills is helpful in reducing all the barriers between the clients and your business. In this case, when you will have poor communication skills, then there can be a misunderstanding between you and your clients. Additionally, if your position requires you to frequently communicate with the media, that can make things even more difficult. Consider attending executive media training workshops to make sure you're always communicating in the best way possible. Must be learning: For being a successful leader, you should skill on a timely basis. Sometimes, you have to learn from your employees and you should never hesitate from learning from them. You should create a learning environment for your employees so, that they can also enhance their knowledge for the benefit of your company. You should encourage your employees to learn more and more so, that their skills can benefit the company. Must be honest: Honesty is the best that a company owner must have, as this helps them in becoming an exceptional leader and a better entrepreneur. They must be honest, as this can only help them in gaining the trust of their employees. Employees always love to work in those companies where there is trust among the employees and the company owner. You should be honest with your employees and you should share positive as well as negative feedback among your employees. Must share success stories: Sharing the success story or the previous history among the employees of the company can help the employees in boosting their confidence level. In case if the company gets success due to any employee of the company, then you should mention his or her among the other working professionals of the company. So, that they will feel motivated in making the company feel proud. By following all these skills you can make your employees love your company and they always love working for you. So, attain all these skills for making your company better and the best than the others. You can also follow some successful business Leaders like Adam Arviv. Adam Arviv Toronto is an Entrepreneur & Investor from Canada and President at Will-Power Management Inc. Read Also: Ten Tips For Getting Your Business Too High Ranks 7 Startup Essentials Entrepreneurs Should Know About

Must-Have Accessories For The Modern Businessman

The tech revolution has brought with it a revolution in business dress codes. No longer does a tailored suit necessarily signify competence. In fact, were your tech guru to turn up in a shirt, tie and suit you’d probably feel very anxious that this person wasn’t the real deal. That said, that's ok in a Silicon Valley boardroom won’t necessarily go down well in the office of a New York financial advisor. The old dictum that ‘The more you deal with a client’s money, the more conservatively you should be dressed, ’still carries some weight. Dress codes are crucial, they are subtle, shifting communicators. Get them right and your client will feel confident in your competence, get them wrong and an impeccable pitch may leave your client with niggling doubts. Accessories are an important part of your appearance and the impression that you make: they have a practical function but are also objects which signify style and quality and reassure your client that you are successful and have good judgment. Times change and our times change fast and that’s why a touch of tradition is so reassuring. So, here’s a mix of old and new which will serve you well. An understated watch of quality It’s old fashioned technology, but so is the wheel. You’ve got the time on your phone and your tablet, but a watch remains the most convenient way to track time and when you are running to a tight schedule it is a crucial accessory. It is of course far more than a practical tool, it’s a stylish and attractive adornment. The simpler the better, a slim body and a clean face, uncluttered by knobs and dials. A diver’s watch is great for divers but not for the boardroom. A watch can also signify affluence, if you are wearing a Rolex, it is a clear indicator of both taste and affluence. That doesn’t mean that you need to spend thousands on a wristwatch, there plenty of great stylish watches out there for under $200 such as the Daniel Wellington Classic Cornwall or the Skagen Ancher. A Quality Pen There will be times when a pen is required and when an important document is being signed how could you possibly use anything other than a quality pen. A fountain pen is a wonderful thing but it’s for personal use and there’s always the risk of ink where you don’t want it, so a quality ball pen is an obvious choice. The Montblanc is unquestionably the Rolls Royce of pens but there are plenty of other pens which are pleasing to look at and a pleasure to use. Understated cuff links and a leather belt Details matter and although these accessories may only be glimpsed by your client, they speak volumes about your style and good taste. A Leather Bag The rise of veganism might persuade you that you should opt for some alternative fabric but if you are concerned about the environment then a leather bag, which will last a lifetime, is a better choice than synthetic material, full of toxic chemicals, which will need replacing in a few years. A leather bag is a thing of beauty and a practical and reliable accessory. A briefcase is unwieldy and outmoded, much better to go for something which allows you to be hands-free, such as the Messenger bags or Satchels from MAHI, both of which are big enough to take your laptop, electronics accessories and paperwork. A satchel or messenger bag also works well as a weekend bag or cabin bag, so they are great for those short notice trips. A Business Card Remember that scene from ‘American Psycho’ where the Christian Bale character reveals his new super stylish business card? Well despite a world of cyber-everything here’s a traditional business accessory that still has its place. A stylish small card is more memorable than a note on a phone or an email. There’s an important moment of human interaction when you hand that card over and the fact that it’s a physical experience makes it more memorable. Do not produce your card from the depths of some scatty, stuffed billfold but from a slim leather wallet. A Lint Roller Your presentation was outstanding, but all your client noticed were the fibers on your suit. A lint roller tucked away in that Messenger bag means that you can give yourself a quick once over and feel confident that you are spick and span. Dopp Kit In a global marketplace, travel has become part of a businessman’s working life. Trips abroad are often short and at short notice, so you need to be ready to travel at any time. A Dopp kit which you keep packed and ready to go means that you’ve only got one object to remember, instead of arriving at your hotel to discover that you haven’t packed a razor. A Dopp kit enables you to keep all your toiletries in one place and is a compact and convenient storage accessory. Electronics Organiser It’s undignified and unprofessional to be seen to be scrabbling about in your bag for a lead or a charger while everyone waits for your presentation. Make sure that you know where everything is by storing it in an electronics organizer, that way you won’t leave anything behind, and you’ll know exactly where everything is. Portable Charger Flat batteries have put pay to many a promising presentation. Can you really be trusted with a client’s account if you can’t manage to charge your laptop? A portable charger can be used on the go and buys you invaluable peace of mind. Compact Smart Projector Problem with the projector? Be the one who’s prepared and pick up instant brownie points by plucking a compact smart projector from your bag. It’ll interface with your phone or tablet and project straight onto a blank wall. New tech, which you know how to use, and which solves a problem neatly is a great way to convince clients that they are in safe hands. Read Also: Components Of A Successful Business Function Tips To Hiring Accounting Firms Rochester NY For Your Business

5 Things Most People Don’t Consider When Starting Their First Business

1. Insurance To Look forward while Starting First business:

2. SWOT Analysis and Business Plan:

3. Legal Considerations:

4. Establishing a Reputation:

5. Keep on Top of Admin:

A Well-Oiled Trade Show Machine: The Ones Running the Show

Benefits Of A Strong Governance Culture For Your Business

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Incredible Ways To Minimize Network Downtime For Business

5 key Leadership Skills for Entrepreneurs

Must-Have Accessories For The Modern Businessman

5 Things Most People Don’t Consider When Starting Their First Business

1. Insurance To Look forward while Starting First business:

2. SWOT Analysis and Business Plan:

3. Legal Considerations:

4. Establishing a Reputation:

5. Keep on Top of Admin:

Share this Article

A Well-Oiled Trade Show Machine: The Ones Running the Show

Benefits Of A Strong Governance Culture For Your Business

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related